Trade Relationships, Indirect Economic Links, and Mergers

• 成果类型: Article
• 署名作者: Harford, Jarrad; Schonlau, Robert; Stanfield, Jared
• 署名单位: University of Washington; University of Washington Seattle; University System of Ohio; Miami University; University of New South Wales Sydney
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2017.2938
• 发表日期: 2019
• 页码: 3085-3110
• 关键词: Mergers and acquisitions; product market; horizontal; vertical; supply chain; rivals

摘要

The economic links between firms created by customer and supplier relationships are critical determinants of those firms' values and actions. We demonstrate that significant trade relationships and indirect economic links incrementally explain which firms are more likely to be involved in acquisitions, which pairs of firms are more likely to merge, and which mergers will have the greatest impact, both on value and in motivating follow-on mergers by rivals. Firms with major trade relationships are significantly less likely to acquire, or be acquired by, firms that do not share in those relationships.